Live Oak Bank’s cloud banking division has gotten national attention as a business to watch this year.
Forbes Magazine recently named Wilmington-based nCino to its 2015 list of America’s Most Promising Companies.
“The Forbes article stated that ‘each firm is going places,’ and we certainly are seeing that with nCino’s growth and market opportunity,” nCino CEO Pierre Naude wrote in a press release. “In less than three years, nCino has emerged from a few banks wanting to improve the way they originate and manage loans to a multimillion-dollar organization transforming the financial services industry and how institutions operate, use data and serve their customers.”
Coming in at 93 out of 100, nCino, which launched in 2010, is the only North Carolina business to be recognized on the annual list. Along with local startup NextGlass, nCino recently earned statewide accolades from North Carolina’s Technology Association.
Originally developed within a live banking environment, nCino’s operating system organizes and automates data, thereby eliminating the use of spreadsheets and duplicate loan documents. Its reporting and dashboard features also allow for real-time tracking.
“nCino’s Bank Operating System was borne of necessity and perfected in a real bank environment as Live Oak Bank sought to streamline its lending performance,” according to the company’s website.
Last year, nCino’s revenues rose 206 percent and hit the 100 mark in terms of staff. The company’s largest bank client in 2013 had more than $3 billion in assets. nCino signed three banks with assets of more than $68 billion in 2014.
According to the Forbes’ list, nCino employs 102 people and brings $300 million in revenue. Naude said that is a sign of what’s in store for the burgeoning business.
“We are honored to be identified by Forbes as one of America’s most promising companies, and will not disappoint to deliver bigger things in 2015,” he noted.
According to Forbes, companies on the top 100 list are private and generate less than $300 million annually. While revenue growth factors heavily in Forbes’ selection process, the magazine said it also considers growth rates, growth in employee numbers, operating margins, capital raised, product ideas and management in its selection.
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